“In 2020, U.S. Congress imposed secondary sanctions on banks that processed transactions related to the Nord Stream 1 and 2 pipelines and on ship insurers that serviced them.
When construction of Nord Stream 2 was finished in 2021, Washington imposed new sanctions on insurance and certification companies to keep it from opening.
Finally, both pipelines were sabotaged in an undersea explosion in September 2022.
As a result, the industries that had made Germany preeminent in Europe, such as steel, chemicals, machinery, and automotives, are suffering from high energy costs and the loss of Russia’s aluminum, titanium, and palladium.
As a consequence, one in four German companies is considering moving production to other countries, amid the energy crisis…”
— Renate Bridenthal at the Geopolitical Economy Report, 01.10.2023
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